The Total Money Makeover: A Proven Plan for Financial Fitness

Okay, folks, do you want to turn those fat and flabby expenses into a well-toned budget? Do you want to transform your sad and skinny little bank account into a bulked-up cash machine? Then get with the program, people. There's one sure way to whip your finances into shape, and that's with The Total Money Makeover. It's the simplest, most straight-forward game plan for completely making over your money habits. And it's based on results, not pie-in-the-sky fantasies.

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Publisher's Summary

Okay, folks, do you want to turn those fat and flabby expenses into a well-toned budget? Do you want to transform your sad and skinny little bank account into a bulked-up cash machine? Then get with the program, people. There's one sure way to whip your finances into shape, and that's with The Total Money Makeover. It's the simplest, most straight-forward game plan for completely making over your money habits. And it's based on results, not pie-in-the-sky fantasies.

Where Financial Peace gave you the solid saving and investing principles, this book puts those principles into practice. You'll be exercising your financial strength every day and quickly freeing yourself of worry, stress, and debt. And that's a beautiful feeling.

What the Critics Say

"The strength of this book is that it is a straightforward motivational tool. He provides the brutally direct truth about the hard work it takes to become free of debt, and his directness is a great part of the book's charm." (Publishers Weekly)

I have business degrees from Wharton (BS) and Stanford (MBA), but like most Americans from middle class backgrounds, I never got much training in personal finance and always felt bewildered by it. I recently listed to The Total Money Makeover for the third time and it clicked. The first two times, I was still in school and had no income, so felt powerless to act on its lessons. Now, with a steady income (and some monstrous student loans) the lessons are relevant, actionable, and empowering.

Before, I always felt at a loss when it came to budgeting. After re-listening to The Total Money Makeover, I got a second savings account to hold my emergency fund and long-term savings, making it easier to separate between current accounts and short-term savings. Now, I have an Excel spreadsheet with a separate column for each upcoming pay check. I know how much of each paycheck will get immediately transferred into long-term savings (e.g. for a wedding in the fall), how much will go to short-term savings (e.g. for next month's rent), and how much disposable income I have in my current checking account.

Furthermore, I have a better plan for paying down my debts. If I were to approach this according to the pure net present value financial principles taught in school, I would start with my big student loan (highest interest rate), then my smaller student loan, then my car loan (lowest interest rate). After listening to Ramsey, I'm going to do it in the opposite order. Although that will cost me some in NPV, it means I can pay off my car loan in a few months (freeing up $250 per month in cash flow), and can pay off my smaller student loan in a few years. My larger student loan is the size and duration of a mortgage, and I'll treat it like it's one. If I tried to pay it off first, I wouldn't see any impact on my cash flow for probably 14 years, making it discouraging to try to find extra dollars to put towards paying down debt. Trying this the Ramsey way, I already feel like I'm making progress and am motivated to do more.

Dave Ramsey is an inspiring speaker. Although his message may come across as simple, in my opinion it does a far better job taking into account human nature than any of the sophisticated financial and economic models I spent so much money learning. I can't recommend this book enough.

Mr. Ramsey makes quite a bold statement when he says you should invest in a 12% "Growth Stock" Mutual Fund rather then take the 7% Prepay option (when it comes to financing college). He fails to inform the listener about 2 threats to your investment. In first line, a Mutual Fund comes with a range of various expenses that will dramatically impact your real rate of return, referred to as the Expense Ratio. Second, there is absolutely no guaruantee that you will receive 12% in any given year, not to mention, 4 years in a row (average college duration)! If you are already stuggling financially, pick the guaranteed 7% saved by paying for college in advance.

Overall the audible is decent; focuses on the -mentality- of money management but lacks the -technical/factual information- needed for effective longer term plans.

Even if you might not adhere to Dave's plan exactly, the idea of slavery to debt and freedom from it are very motivational. I feel like the examples he uses are real life people and he doesn't use terms or language that is reserved for finance professionals. It really is a good, practical plan for getting out of debt via hard work and perseverance. Even though his plan is not the best "mathematically", the point of getting some quick wins by paying off the lowest balance without regard to interest rate is a legitimate point. Honestly, you can hear most of the content of this book in his daily podcasts. I do recommend this book to people.

The narration/reading of this book made me wonder if it was written in all capitals and italics. While I appreciated the information/ideas shared by the author, I didn't appreciate him yelling at me. I understand he's trying to motivate, but the intensity of his voice was just too much.

A GREAT BOOK TO GET OUT OF DEBT! Dave nails it and provides a means to get out of debt FAST and take financial control of ones life. What is dissapointing is that Dave still believes in the Fed and Wallstreet. He bashes Gold, Silver, insurance and Foreign Investments when these investments have proven to be more safe and profitable than US Stocks in the last decade. The True financial problem is right at home in Wallstreet. The debt part and Mortgage part is Great! The rest I believe does not apply for a Post 2010 Era.

The content seems good but I am only 31 minutes in and already tearing the earplugs out! Don't Preach at me. Just tell me. He goes over every point relentlessly and in such a condescending manner. I don't know if I can keep listening!

Yes I would review it for my friend, where most of people share the same problems with debts and credit cards. and the total money makeover is a global plan that suite almost all countries in the world.

What was one of the most memorable moments of The Total Money Makeover?

The most memorable moments is the emergency plan strategy that any one have to prepare a plan the guaranteeing for him 3 month to 6 month of backup salary if any thing happen such as a down-term in the economy and the turnover in jobs.

Which character – as performed by Dave Ramsey – was your favorite?

if it about the narration I like Dave ramsy and his style in reading

Was this a book you wanted to listen to all in one sitting?

Not at all, because some parts I needed to stop and think in what I listened and the solution that Dave Ramsy has Provided.

This is a quick update to those in need of hope. I wrote a review back in June last year and now wish i could give this book more than 5 stars!!! We are now debt free, thanks to Dave's principles layed out clearly in this book.

2 of 2 people found this review helpful

Jim

Ayrshire, Scotland

2/28/15

Overall

Performance

Story

"A Common Sense Approach to Handling Money."

I've listened to this book a few times now and Dave is clearly passionate about teaching others that it is possible to live a debt free life. I used to think that I was quite good with my money (not that I had much) but this tough, common sense guide revealed to me that I could have done so much better. Although, no longer in my youth Dave also makes it clear that it's not too late to start.

Jim

0 of 0 people found this review helpful

Steve Horne

1/21/15

Overall

Performance

Story

"Great book!!"

It was really helpful practical guide to personal finance really accessible and potentially life transforming. Give it a go I did and loved it

0 of 0 people found this review helpful

Martina

SUTTON COLDFIELD, United Kingdom

12/5/14

Overall

Performance

Story

"A must - Educational, engaging and fun"

Would you recommend this audiobook to a friend? If so, why?

I have hear about Dame Ramsey before and now listened to this rather short book and I was really satisfied. Dave's voice, ideas, processes to get better with money are life changing, so motivational, definitely must listen for everyone. I strongly recommend, I have enjoyed every minute of it!

What did you like best about this story?

So easy to follow.

Which character – as performed by Dave Ramsey – was your favourite?

Personal stories, Dave himself.

Was this a book you wanted to listen to all in one sitting?

Yes.

Any additional comments?

Don't only listen but put in action ;-)

0 of 0 people found this review helpful

Mr

YEOVIL, United Kingdom

8/5/13

Overall

Performance

Story

"Brilliant book!"

Would you listen to The Total Money Makeover again? Why?

It took me a while to get over the slightly aggressive American tone - I guess passion would be a better word than agressive. But the concept is simple and makes perfect sense.

0 of 0 people found this review helpful

florence

READING, United Kingdom

7/24/13

Overall

Performance

Story

"Helped us get in shape"

I found out about Dave Ramsey about seven months ago (December 2012) and from the first podcast I downloaded for his radio talk show, I knew this guy was different. He is genuine, honest, informed and tells it like it is. My husband and I had debt of about $28,000 which we werent too concerned about but had tried to pay off and somehow no matter what we did it just never seemed to go away. We enrolled for FPU online around March 2013 and wow, what a class!!! We decided to pay off all our debt but for some reason stalled. I then went ahead and bought this book (audio) about a month after we'd completed FPU, something about the way he explained debt and just how restrictive it was clicked deeper. I was on a coach on the way to work, by the time we arrived I had a tear in my eye and knew that I knew that I knew that we were paying our debt off that day. Fortunately we had the money to clear all our debt and just went ahead and did it. I cannot describe the feeling. Walking around debt free is totally liberating. I would never have done it if it werent for FPU or this book. For some reason we thought earning 0.5% in a savings account would beat the 7-10% interest rates we were paying on the debt. We just hadnt done the Maths. We have now changed our habits and are already living like no one lese so later we get to live like no else.

Thank you Dave Ramsey and may God bless and your wonderful family for the wonderful work you are doing to enlighten those of us who had somehow gotten degrees in D.U.M.B.

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